Hyundai increases its US market share with low prices
- Source: Global Times
- [18:00 September 22 2009]
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Hyundai Motor America, the South Korean automaker and its affiliate, Kia Motor America, accounted for 8 percent of the new-vehicle market in the US in August with more than 60,000 vehicles sold last month. The Hyundai-Kia Automotive Group passed Honda last year and the Ford Motor Company this year to become the fourth-largest automaker, behind Toyota, General Motors and Volkswagen.
Hyundai's increasing market share is largely due to the economic recession, especially in the US. The US government's cash-for-clunkers program encouraged buyers to rush into the car automobile market for economical cars. Aggressive marketing also contributed to Hyundai's increasing success.
The price of the Genesis, a luxury sedan, is thousands of dollars less than that of its chief rivals, and the base package of the Accent, its lowest-priced model, sells for under $10,000. Business owners buy the Genesis to project the image of being frugal, and Hyundai also attracts people who would like to spend their money wisely.
Hyundai and Kia regard the recession as an opportunity to further develop their market share. Kia plans to open its first new plant in the US, aiming to have the industry's highest fuel economy by 2015.
